March 20, 2009 - 12:01 PM ET
I am not sure I understand what Mr. Trump meant this statement 'You must buy the house from a bank, and they must take back virtually 90 to 100 percent paper.' Could someone explain to me what he meant? Does he mean loan assumption? Thanks
CNN Larry King Live - Aired March 17, 2009
KING: Latest report, housing up in the last month, in February. And it was up in units that were apartment buildings. What do you make of that?
TRUMP: I think it is the beginning of a positive trend. Real estate has been absolutely beaten down. And this is a great -- as I told you before, I am buying a lot of real estate now. This is a great opportunity to buy real estate. It is a great opportunity for somebody, even with not a lot of money, to go to a bank and buy a beautiful house, better than they ever thought they would buy.
The bank will take back financing. They won't give you financing. But if they have a house, they will take back financing.
You understand the difference. If you go to the bank and say I want financing, I have the greatest credit rating, they won't give you 10 cents. But they will take back a lot of paper. And that is -- this is now the greatest time maybe ever, maybe in history, to buy a house.
KING: Really? The greatest time ever to buy a house?
TRUMP: I think so.
KING: Will the bank help you buy the house?
TRUMP: You must buy the house from a bank, and they must take back virtually 90 to 100 percent paper. If they've don't, you have no interest in buying a house. You go to the bank; you look at one of their thousands and thousands of houses. You buy that house, but they have to take back financing.
KING: Are you bullish?
TRUMP: Well, I think it is going to get worse. I think it is then going to get better. I think, ultimately, we are the greatest country. I think we have a president who is working very hard and trying very hard. He inherited a mess. And I really believe that it is going to get very good, and I think within two years it will be like the old days, but with some restrictions.